2018: What insurance players can expect in the next 12 months

Sensors monitoring your everyday physical and digital life, artificial intelligence tailoring your insurance to fit your needs? Sound like the future? Sure—if the future is 2018. Nordic Director of Insurance in Accenture, Jacob Tovborg-Jensen, explains what’s in store—near-term—when it comes to innovation. Developments in insurance are moving at break-neck speed: 2017 saw a year that… Continue reading 2018: What insurance players can expect in the next 12 months

9 Insurance Companies Face Legal Battle Over N3b Legacy Funds

Nigeria’s Pension Transitional and Arrangement Directorate (PTAD) is weighing up the possibility of taking legal action against some nine insurance companies still owing the Directorate about N3billion legacy funds, as was revealed by investigations. PTAD had earlier set a December 2017 deadline for defaulting insurers to pay their respective legacy Fund to the agency, which… Continue reading 9 Insurance Companies Face Legal Battle Over N3b Legacy Funds

Nigerian Life Insurance Firms Posted N124.6bn Gross Premium in 2016

Life Assurance underwriting Companies in Nigeria generated a total of N124.6billion gross premium in the year 2016. The companies ceded a total of N7.3billion to their reinsurers while retaining N117.2 billion as net premium. Gross claim paid by the life operators during the period stood at N67.2billion while net claims stood at N54.6billion. Management expenses… Continue reading Nigerian Life Insurance Firms Posted N124.6bn Gross Premium in 2016

Nigeria’s Hottest Investment Opportunities.

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Nigerian Underwriters shun Takaful Insurance products.

Underwriters in the Nigerian insurance sector have shunned Takaful Insurance products due to a lack of confidence in the prospect for the business. Although the Nigerian National Insurance Commission, NAICOM, gave out the operational guidelines since 2013, insurers are still skeptical about venturing into it as there is a prevailing fear that most Takaful Insurance… Continue reading Nigerian Underwriters shun Takaful Insurance products.

Nigerian, other West African insurers consolidate for business expansion.

Strong and positive moves towards enhanced integration by regional insurance players … Please Read & Enjoy!
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NAICOM sets 2 years limit for Bancassurance partnerships.

Nigeria’s National Insurance Commission (NAICOM) has placed a two year limit on bancassurance partnerships between insurance companies and banks. The regulator also pegged the referral commission to be paid by the insurer to a referral bank at 40 percent of the insurance brokers’ commission. These were contained in the bancassurance guideline recently released by the… Continue reading NAICOM sets 2 years limit for Bancassurance partnerships.